Best Checking Account Bonus Offers and How To Earn Them

The best checking account bonuses do more than offer free money for opening a new account. They can also provide features your current bank doesn't, making everyday banking easier while giving you access to higher annual percentage yields (APYs), lower fees and other perks.

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Key Takeaways

• A checking account bonus is a one-time cash reward for opening and using a new account. Most current offers range from about $50 to $400 once you meet the direct deposit requirements.

• Direct deposit is the key to qualifying for nearly every bonus. Banks typically require a set dollar amount in qualifying deposits within 25 to 90 days of opening.

• Watch the fees, since they can cancel out your bonus. Choose an account whose monthly maintenance fee is $0 or easily waived through direct deposit or a balance minimum.

• Bank bonuses are taxable interest income, not free money. You'll receive a Form 1099-INT by Jan. 31 and report the amount on your tax return.

• A bonus is only worth it if the account fits long-term. Weigh ATM access, branch availability, the mobile app and ongoing fees before you switch banks.

Summary generated by AI, verified by MoneyLion editors

What Is a Checking Account Bonus?

A checking account bonus is an incentive banks give new customers for opening a checking account.

• Unlike checking rewards and APYs, which provide ongoing benefits, checking bonuses pay out just once.

• You typically get the bonus after you’ve deposited a certain amount of money, received a certain number of direct deposits into the account and/or met other eligibility criteria within the first few months of opening the account. 

• The IRS treats bonuses as interest.

• They are not included in the bank’s APY, so it’s important to also consider APY and other account features that impact the account’s long-term value.

Best Checking Account Bonuses Right Now

The following banks offer the best combination of bonus amounts and the ease with which you can earn them. 

How To Qualify for a Checking Account Bonus

Each bank has its own criteria for bonus eligibility, but the following steps will work for most offers.

1. Open the bonus-eligible checking account. 

2. Transfer the funds from another account, if the account requires a minimum opening deposit.

3. Set up eligible direct deposits. “Eligible” typically means paycheck deposits from your employer and payments from pensions and benefit providers. 

4. Receive the required number of eligible direct deposits within the allotted timeframe, such as 90 days after account opening.

5. Watch your account for the statement credit. That could take anywhere from several days to a few months, depending on your bank’s policy.

Which Bonus Is Right for You?

The best bonus for you depends on how much you receive in direct deposits each month. Consider both the bonus and the deposits needed to avoid monthly maintenance fees. Otherwise, fees might cancel out your bonus.

• Choose Hunting Bank Perks Checking → If you’re in an eligible state and receive smaller direct deposits. It requires just $500 in 90 days to earn the bonus. Just be aware of the $10 monthly maintenance fee if you don't keep a total of $5,000 across eligible Huntington accounts.

• Choose Chase Total Checking → If you’re looking for a bank that can service a range of financial management needs. Just $500 per month in direct deposits lets you avoid the $15 monthly service fee.

• Choose BMO Smart Advantage Checking → If you’re in an eligible state and also want to open a separate savings account. BMO’s Savings Builder rewards you with $5 every month you save at least $200, up to a total reward of $60. 

• Choose Wells Fargo Everyday Checking → If you’re an active or retired member of the military. Wells Fargo’s Worldwide Military Banking program offers no monthly service fee, no Wells Fargo fees at out-of-network ATMs worldwide and no transaction fees on international purchases.

• Choose Capital One 360 Checking → If you want an account with no minimum deposits or balances and no maintenance or overdraft fees. Although Capital One’s bonus is smaller than some of the others and it could take up to 135 days to land in your account, the account could save you money in the long run.

• Choose SoFi Checking and Savings → If you want to earn more interest on your deposits. SoFi checking balances earn 0.50% APY. When you open the account, SoFi will automatically open a savings account for you and pay up to 3.10% APY on your savings balance. 

Are Checking Account Bonuses Worth It?

Checking account bonuses can be worth it if the account is a good long-term fit in terms of convenience and fees. Easy access to free ATMs, availability of branch locations if you bank in person, a great mobile app and no maintenance or overdraft fees all help you maximize the value you get from the bonus. But if switching banks makes banking difficult or more expensive, the bonus might not be worth it.

Here are some pros and cons to consider.

Do You Have To Pay Taxes on a Checking Account Bonus?

Yes. The IRS treats bank bonuses as taxable income and you’re responsible for reporting the interest on your tax return.

• In most cases, you’ll receive a Form 1099-INT from the bank that shows exactly how much you earned and provides other information you’ll need for your taxes.

• You should receive your Form 1099-INT by January 31 the following year.

• You don’t have to include the form with your return because the IRS will receive its own copy from the bank.

• Simply transfer the information from the 1099-INT to your tax return when you do your taxes. 

6 Steps To Take Before You Open a New Account

Switching banks to open a new account can earn you a bonus and improve your banking experience, but don’t rush into it. Following these steps will help you decide if it’s the right move.

1. Review the deposit account agreement and fee schedule carefully to be sure you understand fees, how long it takes for deposits to become available and other information about the account.

2. Do the math. Subtract maintenance fees, if you’ll have to pay them, from the bonus amount to find out if you’ll really come out ahead over time.

3. Determine your eligibility. Some bonuses are only available to new customers, or to customers in certain states.

4. Check ATM availability and fees if you make frequent withdrawals or might need to deposit cash.

5. Look up branch locations if in-person banking is important to you.

6. Note customer service contact methods and hours. 

If these steps show that the new account would make managing your money easier and less expensive even without the bonus, the switch could be a good move. If the bonus is the only benefit of switching, it might not be worth it in the long run.

Checking Account Bonus FAQs

Learn more about checking account bonuses with these frequently asked questions.

Do checking account bonuses hurt my credit?

No. The bonus itself has no impact on your credit. Just be sure that if you open an account because of the bonus, you’ll be able to maintain the account with a balance of at least $0. Closing an account with a negative balance could result in collections, which would hurt your credit. 

How long does it take to get a checking account bonus?

Once you’ve met the requirements to qualify, you could see your bonus anywhere from seven business days to several months, depending on the bank. 

Can I close my account right after I get the bonus?

Possibly. Check the bonus eligibility criteria and deposit account agreement for restrictions on account closures.

Is it bad to open a new checking account just for the bonus?

It’s not bad, per se, but it might be counterproductive if the account isn’t a good fit for you. Check APYs, fees, ATM locations and other important features before you apply.

Do I need direct deposit to qualify for most bonuses?

Yes. Qualifying direct deposits typically include wages from your employer and payments from pensions and government benefits such as Social Security or disability.

Can I have more than one checking account bonus at a time?

Yes, but only from different banks. So, if you receive just one direct deposit per month, you’ll only be able to get one bonus at a time. But if you get several direct deposits, and they’re high enough to qualify, you could earn multiple bonuses by spreading them across accounts at different banks.

Key Terms

• Checking account bonus: A one-time cash incentive a bank pays new customers for opening a checking account and meeting requirements, such as receiving qualifying direct deposits. Unlike APY, it pays out only once.

• Qualifying direct deposit: An eligible electronic deposit — usually wages, pension or government benefit payments — that counts toward a bonus or a monthly-fee waiver. Transfers between your own accounts often don't qualify.

• APY: The yearly return an account earns on your balance, including compounding. A bonus is separate from APY and isn't included in it.

• Monthly maintenance fee: A recurring account charge many banks waive if you set up direct deposit or keep a minimum balance. Unwaived fees can erode or erase a bonus.

• Form 1099-INT: The tax form a bank issues, generally by Jan. 31, reporting interest income — including account bonuses — that you must include on your tax return.

• Direct deposit switch timing: The lead time needed for a new payroll or benefit deposit to route to your new account, which matters for hitting a bonus deadline.

Summary generated by AI, verified by MoneyLion editors

Sources

• IRS. 2026. "Topic no. 403, Interest received."

• Consumer Financial Protection Bureau. "Appendix A to Part 1030 — Annual Percentage Yield Calculation."

Chase Total Checking has a monthly fee of $15 or $0 with one of the following, each monthly statement period: Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNow^SM network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network, OR a balance at the beginning of each day of $1,500 or more in this account, OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at http://sofi.com/banking/checking-offer/

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Data is accurate as of July 20, 2026, and is subject to change.

Jacinta Majauskas contributed to the reporting for this article.